XML 17 R7.htm IDEA: XBRL DOCUMENT v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income $ 35.4 $ 51.5
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 21.7 18.8
Stock-based compensation expense 18.2 14.2
Non-cash interest expense 2.5 2.0
Loss on extinguishment of debt 39.5 0.0
Provision for credit losses 4.8 1.2
Other 6.7 0.1
Changes in operating assets and liabilities:    
Inventories (6.6) (29.6)
Prepaid expenses and other assets (12.8) (0.4)
Accounts payable 36.5 55.5
Net cash provided by operating activities 63.8 87.6
Cash flows from investing activities    
Capital expenditures (12.3) (22.1)
Investments in developed software (3.4) (1.9)
Net cash used in investing activities (15.7) (24.0)
Cash flows from financing activities    
Proceeds from issuance of senior unsecured notes, net of issuance costs 440.7 0.0
Repayment of convertible debt (163.9) 0.0
Proceeds from settlement of capped calls options 23.1 0.0
Repayment of term loan B (1.3) (1.3)
Repayment of equipment financings (3.5) (7.2)
Financing lease payments 0.0 (5.8)
Repayment of mortgage (0.6) (0.6)
Proceeds from secured borrowing (note 3) 15.4 0.0
Repayment of secured borrowing (note 3) (13.4) 0.0
Proceeds from exercise of stock options 2.5 5.8
Payment of withholding taxes in connection with vesting of restricted stock units (21.2) (5.0)
Net cash provided by (used in) financing activities 277.8 (14.1)
Effect of exchange rate changes on cash and cash equivalents 3.8 (2.5)
Net increase in cash, cash equivalents and restricted cash 329.7 47.0
Cash and cash equivalents at beginning of period 953.4 704.2
Cash and cash equivalents at end of period 1,283.1 751.2
Supplemental Cash Flow Elements [Abstract]    
Purchases of property and equipment included in accounts payable and accrued expenses 3.5 7.0
Purchases of property, plant and equipment included in long-term debt 2.4 0.0
Nonrelated Party    
Changes in operating assets and liabilities:    
Accounts receivable (27.2) 3.5
Accrued expenses and other liabilities (48.8) (62.4)
Related Party    
Changes in operating assets and liabilities:    
Accounts receivable (6.2) 33.1
Accrued expenses and other liabilities $ 0.1 $ 0.1